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sides are looking at if fiscal cliff right now and saying, well, we could go over this thing. it wouldn't be the end of the world and that's a very different view in washington than it is on wall street. i can tell you that. >> eamon, thanks. i know you've got a long day ahead, a long afternoon as well. eamon javers in washington. >> isn't it unbelievable. you have this huge, looming problem, i'll wait until later this afternoon to deal with it. >> and the whole sequester was a way to deal with this later. and corker, i think, on some of the morning shows this morning, senator corker said the worst case today would be to set up another later deadline that would keep the hard questions -- >> and i think a lot of this is so abstract, but if those milk prices go up for people around this country, that's going to be the thing that gets people really animated. >> that and payroll taxes, if they go up, that will hit a lot of americans across the board. >> interesting to see a lot of the stocks today that have exposure to dairy futures, whether it's an hsy, who knows? i haven't even gone throu
're going over the cliff. it's hard to tell. the expectation, even if we go over the fiscal cliff. right now, congress is still looking at trying to resolve this here in the next few days. so it's not as if we go over the cliff and stay there. there would be time to resolve the issue. that being said, we saw a whirlwind of negotiating on capitol hill. and right now, after things sort of didn't work out between mitch mcconnle and harry reid, the top republican and top democrat in the senate, they have shifted between mitch mcconnell and vice president joe biden. that's where all of the action is right now. keeping the speaker of the house john boehner abreast of what's going on. keeping harry reid abreast of what's going on and keeping president obama abreast of what's going on. we heard from senator reid yesterday that they are very far apart. not just talking on the threshold, initially president obama said $250 mi,000. there is talk to bumping that to $400,000. republicans want to know how we pay for it. there are farm subsidies, the doc fix. and spending cuts. so there is a lot to be reso
'll be back on wednesday, in time to trade the fiscal cliff. all right. the deadline, of course, just hours away. if lawmakers wind up kicking the can down the road, they may want to come up with a way of saying so. that son the annual list of words to be ban issued. spoiler alert, trending and bucket list, not surprisingly the phrase that got the most nominations this year, fiscal cliff. so that brings us to this morning's squawk on the tweet. what other phrases should be banned and why. and remember, try and keep it clean. tweet us at squawk street. we've got your responses throughout the morning. fiscal cliff definitely has to go. >> i can't wait for hash tag to go away. >> we'll start hearing about the debt ceiling in two months. >> a ban on 2013's list. >> have a great new year. >> you as well. i have no special plans. i have a 3-month-old daughter -- >> that's very special. >> i'm prohibited from going anywhere. we have dinner reservations about 4:30 p.m., though. >> early birds. >> happy new year. >> same to you. >> presidents of americans for tax reforms, grover norquist ond how his
does not reach the agreement on the fiscal cliff. right now there are still negotiations that are going on. they are being led by the vice president, vice president biden and senator minority leader mitch mcconnell. sources say that they are making some progress, but even if a deal is reached, no guarantee it's going to pass. listen to what one democratic senator, tom harkin, said on on the senate floor just earlier this morning. >> if we're going to have some kind of a deal, the deal must be one that really does favor the middle class, the real middle class, those making 30, 50, 60, $7,000 a year. that's the real middle class in america. as i see this thing developing, quite frankly as i've said before no deal is better than a bad deal, and this looks like a very bad deal the way it's shaping up. >> we want to bring in dana bash on capitol hill. when you think about it, both sides are not happy with what's taking place, at least what they're talking about. i know you have some new information on at least what the republicans are suggesting when it comes to those massive spending cuts,
us and the fiscal cliff right in front of us, i think it's nice just to have an evening when we can focus on what is important, like whether molly ringwald is really here tonight. is she? i trust you all read "the new york times" piece this past week on how tonight is part of a close, visible makeover for the national book awards them article goes on to say the goal is to add more sex appeal to an industry that is not exactly known for it. and there will be signs everywhere of the aspirations to turn this once dowdy event into a glamorous party. from where i stand, looking out at your sexy, sexy faces,-you are post-dowdy. thank you. that's the drinking table. it's fun to tell jokes outside of new york that you're involved with the nba because people start can go you questions about what lebron and kobe are really like. it's really an understandable confusion because writers and professional ballers are incredibly similar. they're both wildly overpaid people, in peak physical condition. but the real similarity is this. both writers and basketball players really want their first draft
for 2013. liz: 8:34 before we hit that fiscal cliff, but we're checking stocks right now for two seconds, founder and ceo of beverly hills wealth management. you should have costco, target, walmart in there. now let's go to another name that you say is a great u.s. play, on china stabilizing and growing. >> yes, and that's starbucks. starbucks a great american company. everybody needs a good cup of coffee. in china there is only one starbucks for every 1.9 inhabitants, can you believe that when we have one basically on every corner? [laughter] so there's tremendous opportunity there. you've got the tea growers in china, a lot of them are now switching to coffee because of starbucks, so that's a double play for you. liz: wait until they find out what a frappucino tastes like. >> oh, look out, china. liz: two pharma companies, what do you think are the big names here because we're all getting older, and we all need new medicine. >> we're going to be buying a lot of pfizer especially and bristol-myers. those are the two picks we have. pfizer is around 24, $25 a share, bristol-myers about 31
there's a little bit better tone away from the fiscal cliff. that's where it is right now. >> what about this concept. skeptical, the idea that we're underowned in the stock market and anything -- any resolution could mean stocks. >> a lot of cash on the sidelines that will be put to work if you get a little bit of a sign of a resolution here, bill. happy new year. >> nice tie, but i'm always saying that to you. we're going to the mid-point of the range, dow down 22 points. that's the first hour of the "closing bell." stand by now for hour number two. >> and welcome back, to the "closing bell." i'm mandy drury sitting in for maria bartiromo. it is the end of another trading day, and, no, we do not have a fix for the fiscal cliff. guess what, the numbers also reflect that. let's take a look at how a day on wall street, looks like the dow is down marginally, 24 points to the downside and the nasdaq off by the biggest percentage loss, down by 22 points and the s&p 500 is down by about seven points, and as i said it is crunch time. there are only three trading days left now for 2012 and stil
, the lack of volume. because of the fiscal cliff, huge amounts of oil money on the side lines right now. take a look at volumes. we ran these numbers and put this together, february of 2011 it was a good month for oil, trading the average day, 934,000 contracts traded. by last month, november of this year, that was almost cut in half to almost -- well, a little bit more than half a million a day. yesterday the volume? 175,000 contracts. and today our producer just gave me the numbers, just totalled up all. 261,000 contracts today. that's still half the typical volume for december. this money is on the side lines because even though you can make a lot of money in oil, nobody wants to be hanging out there right now with the danger of the fiscal cliff overhanging everything. it's -- it's not a good time if you have got money and you want to do something with it. ashley: that's right. >> it's on the side lines. ashley: you are right. jeff in the cold. thank you jeff. thank you very much. did you end up with coal in your stocking this year? we had to use that line. coal stocks have taaen a t
the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in t
certainty on the fiscal cliff, if we don't have resolution to that, i think you're right. in that c.e.o.'s probably will remain fairly conservative in their out look and that probably won't be good for the market. but if we do get resolution, i think c.e.o.'sy nature tend to be optimistic people, and if there's some resolution and they know what the rules of engagement are, they're going to go out and probably be a little bit more optimistic. >> so you have been saying that you changed your investment strategy a little bit nor your clients and you're looking for stocks that grow better than the gdp. do you have a couple you want to tell us about? let's look at the stock markets, bv and t, and the itg, what is it about these stocks that you think are good in this uncertain time? well, i think both companies are set up to deliver better than acknowledge results, better than g.d.p. growth for the new year. ipg is an advertising agency. they lost a little bit of business in 2012. we think that they're going to gain new business in 2013. their leverage and ratios are way down and the man
, right? how would the fiscal cliff, if we went over, affect gold, do you think? >> i think in the long run, gold will do worse if people start to think that interest rates rise. if dwrur going to park your safe money somewhere else, gold is a negative cash flow asset. >> and why wouldn't gold go up if we were going over the cliff? >> it would. in other words, if we do go over the cliff, you would expect gold to do better. >> and the stock market is. and the stock market hasn't done that badly at all. we're at 15% total return on the year. so if you just listen to the news, you would think we might be down but really, we had a very good year. are you going to be able to introduce this guy, andrew? he has more vowels in his last name than consonants. >> let's go to the futures pits where bob iaccino is standing together. >> would you say chee-no, bob? >> would you like it in english or italian? >> iaccino. with that singing. >> wa part of italy, do you know? >> cosanza is the town. it's the foot of the boot. >> not a bad part of italy. >> no, there's really not. >> bob, help us here. >>
-minute deal to avoid the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor after the house comes back on sunday. and then we would
rally next year no matter what happens with the fiscal cliff. and we will also be told what stocks he thinks are undervalued right now. let's start with larry. we're glad we picked up from the 150 point loss. i'm glad about that. looks like there won't be a santa claus rally this year. >> no, it doesn't look like it. we saw some pretty big down drafts today and earlier in the week. that's not what traders expect when we get into the last couple weeks of december. we usually have low volume rallies. we have done opposite. high volume drops in the market. today was a good example. recovered quite a bit but those points in the the chart have been made. the traders look at that and see the markets keep making lower lows and that makes them want to sell into the market and not buy it. shibani: david, i want to get your thoughts, you know, despite what's going on in and around the beltway, the gridlock that exists, you're still a believer in these markets. you believe in the markets forging ahead. tell me why you're so optimistic considering the swings we saw in just today's trading day alo
scramble as the fiscal cliff is approaching and why right now? what will it take to hold congress' feet to the fire finally? i mean, if it has not been held to the fire now sh, and how soo will people start feeling the pain if no deal is reached? ali, bring in both sides of the political aisle and republican strategist anna navarro and maria cardona in washington. welcome the both of you. anna, why are we here right now? why are we sitting here right now talking about this right now with the senate gone home and congress in there working and the light is on, but few people are at home. why are we doing this? >> there is no good explanation. there's definitely no justification and no excuse for this. this is like, don, when you at the beginning of the year, when you are in school at the beginning of the year and you have been assigned a big project and you leave it to the last night. when i used to do thoo i was punished. if kids behaved the way the congresspeople were, they would be in time-out. if it were the private sector, they'd all be fired. no excuse. and the only solution i would
on with the fiscal cliff. >> you know, jim, i was watching our futures this morning. right now, it looks like the dow would open down about 65 or 70 points. that's the good news, that the market would shrug this off that there will be a deal reached either later today or in the next few days. we've been expecting all along that it would take a big reaction in the markets to get any serious action in washington. if they're not seeing that, that may make it less likely for them to reach any sort of a grand deal. in fact, a grand deal at this point is probably off the table. what does that mean for the next three to six months for the u.s. markets? >> yeah. waiting to come on the show, i was looking at a chart of the various u.s. markets going back since before the election. and which have sort of gone through some phases. in a way, the markets have sort of factored in from the first immediate period following the election a big deal to resolve the situation in the u.s. is not going to happen. the lying fiscal challenges in the u.s. are not going to be resolved anytime soon. that would be a big surprise
mark. again, everybody's worried about the two letters, "fc," fiscal cliff, and pulling from the u.s. dollar, the yen is pulling back, the new regem that's in there, they are doing what they need to do, and nobody's going to gold right now. silver is sneaking up slowly, above the $30 range. we'll see that take off. reason for that is we look at china. china's economy is turning the corner. that's also helping with what you folks talked about earlier in the crude oil. see how it plays out. even though it's a light volume week as far as trading -- ashley: still, though, a downward trend with the chart. what's the story with silver? >> well, you saw silver pull back with gold. normally, they run, and now what we're seeing is there's a little bit more demand. china's picking up the pace a little. we are seeing silver that's up, what, 24 cents as of today? not a bad move from a one day, especially in the light volume. ashley: if we get it done on the fiscal cliff, will we see a selloff in metals? >> i don't believe that we will. europe right now is the safe haven. there's no negative ne
that the sh we're dealing with right now in the fiscal cliff is a prime example of it. what i'm arguing for are maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal, left wing agenda. it used to be considered a mainstream agenda. and it's something we can accomplish today if we simply allow for a vote in the senate and in the house to get it done. the fact that it's not happening is ancation of, you know, how far certain factions inside the republican party have gone where they can't even accept what used to be centrist mainstream positions on these issues. i'm an optimist. we try every other option before we finally do the right thing. after everything else is exhausted, we eventually do the right thing. and i think that's true for congress, as well. and i think it's important for americans to remember politics have always been messy. people have been asking me a lot about the film "lincoln" and -- >> is this your lincoln moment? >> well, no. look, i never compare myself to lincoln and, b, the magnitude of the issues are quite different from
's all because of the worries about the fiscal cliff. suzanne. >> all right. let's just listen in, and i'll bring you back for a bit. ♪ >> all right. there you go. allison, i want to bring you back for a couple quick questions here. we know the stocks are down, fiscal cliff. talk about what we think that means for us if we end up going over the fiscal cliff and you're looking at a lot of tax hikes as well as spending cuts. >> yeah. you have to believe if we go over the cliff that some sort of deal will happen up. if not within the first couple days of year, maybe the first couple weeks. what may happen is an impact right away to your paychecks in the early weeks of the new year. here is an idea of what we're in for anyway. we're going to see a lot of tax changes. payroll tax holiday. that would expire, and that means that the amount taken out of your paycheck would go from 4.2% to 6.2%, so that means if you're making $50,000 a year, it means $83 a month comes out of your paycheck. over the cliff it means you have a delay in tax refunds for the 2012 returns and that's because there's ye
press that folks are starting to accept that weekend in fact plunge right off that fiscal cliff. after all we are a little more than a week away from the deadline when the spending cuts and push us back into another recession. lawmakers do plan to return to washington later this week to try to hammer out a last-minute deal. for now president obama and the first family are celebrating christmas in hawaii and that's where our ed henry is traveling with the president now live in honolulu. ed? bottom line the president is here in hawaii but might not be here for long. shortly after christmas likely to go back to washington. try and broker some sort of a deal. you remember before he left for hawaii, he announced that he wanted more of a short-term deal. sort of scaled back stop gap measure so that that big grand 4 trillion-dollar. instead he wanted to extend tax cuts for the middle class. he wanted to extend benefits for 2 million people that will lose those benefits a week after christmas. republicans are saying they think the president actually wants to go off the fiscal cliff for politic
of these fiscal cliff worries. >> we're going to sort of trend right around here -- it doesn't look like we're going to get a deal before year end of any great significance. that being said, we may get one last year. do we trade in line right here? >> so we're going to trade probably 91 on the upside, 86 on the low side. i think once a deal is done, you're going to see a reemergence of a risk-on rally. i think that's where crude oil breaks out to the upside. we start to get an upward trend. opec's 2013 target is around $100. i think we'll move up into the mid-90s and probably press through that $100. one of the burdens we have is we do have an abundance of supply in the u.s. the u.s. won't export any crude oil, but i think the possibility of us starting to consume more, would drive and help support those higher prices. >> when you put on those longs, i'm wondering, because this week is a holiday shortened week. congress is coming back on the 27th. is this a trade for 2013? >> yeah, it is more of a trade for 2013. i wiould start to look at fartherer out contracts, to like december 2013, and
dive. >> all right. so what can you leave us with? housing is good? >> fiscal cliff is bad. >> is that a net-net? >> i think the housing is good but the housing isn't great. everybody's talking about housing like it's going to carry us some place. it's just not going to drag. but it's not going to be a boost and i'm still very concerned about where the economy is going. >> is there any way that we've over -- sort of had too much anxiety and angst about the fiscal cliff or not? >> i don't think there's been much anxiety. and i talked to my brother and sister in suburban detroit. they're not in the financial world and they're always talking about the fiscal cliff. my wife has the same thing with her brothers and sisters, they're not in finance but it's what everybody's talking about. everybody's worried about it. but the experts tell us that we're not going to go over the cliff so they know it's there but they don't think we're going to go over it. so we'll see. >> i hope you're right. thank you for being here. >> coming up, is washington ready to go cliff diving? we're going
? this is kind of very structural pressures. >> that's right and that's what underlies the fiscal cliff. they're looking out beyond 2020, all these people retiring, providing defense costs more and more because of less efficiencies in government stuff so the calculus isn't good. it isn't good for us or anyone but there are things to do. there are a lot of things we can do better, more private infrastructure spending, improving our education system, making entitlement systems, means tested. >> shifting federal spending from consumption to investment as for the future. >> all right, ken thanks very much, and we'll be leaning on you for guidance over the course of the next few days. >>> who doesn't want a little eva longoria in her life. she's helping fellow latinas get a college education. are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ >>> yesterday we brought you the shirtless matthew mcconaughey. today something the men at the desk
the fiscal cliff will be resolved and they rise above. what's the best way to play a fabulous bull market that some think could be unleashed? simple. assuming that everything goes right, the best proxy for the market in 2013 is the blackstone group. the big publicly traded asset firm. why blackstone? a company that i wasn't keen on. the company earns money investing other people's money. private equity funds. at the moment the company has $205 billion in assets under management. that's the difference between where the congress is it's so much. it's as good as it gets. everyone says that. when you see someone who in the business work at blackstone. they are a smart guy. that's the way it is. right now in this not so hot environment all of blackstone products are beating benchmarks. that matters. it's the end of the year. the business is good. in the last two years the company managed to raise 72 billion of new money from investors and greater assets under management, the more money blackstone makes from performance fees. this is how they're doing in an okay but somewhat troubled environmen
that help the fiscal cliff we are in right now? second question, with our history of wasting so much taxpayer dollars everywhere we thisn this fashion, isn't why we don't get much help from our allies when we go to war, because they know the end result? that they would be wasting money as well. they probably know this from colonial times. thank you. pinkberrry is a certain amount of waste in any war. -- i think there is. i spoke with a very smart colonel in kohst province. he said the american people don't expect us to be proficient, but they do expect us to be effective. i thought that was a great way of thinking about. the question me after have is, given the amount of money being spent in blood and treasure, and has been the outcome? to the second part of the question, do our allies know we waste a lot of money and so that why they're not so forthcoming, the stories that i hear back to do with the they know we will pick up the tab, so they dodge as long as they can. a recurring theme is we want it more than they do, whether it be the taliban -- or the afghans your working with on
and avert the fiscal cliff. >>> positioning portfolios for the new year, i can majs is tricky right now. there's a lot of mess going on in d.c. we're going to help. we're going to give you the single best play for 2013. >>> and also next, two congressman, one democrat one republican. they're going to talk to us about the fiscal cliff. are they happy or sad? and can they rise above to get a deal done? "closing bell" will be back after this break. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,00
away from the fiscal cliff negotiations? >> there seems to be some politics behind this announcement right now as we hit the ceiling. as you make the calculations, it seemed to me as if they were only going to hit the ceiling in february or march next year anyway. the fact that he comes out and says actually we're shutting the ceiling now and i have to make all these adjustments so we hit only in february seems to me that there is a bit of politics going on already and trying to increase the pressure on the republicans to agree at the year end. >> i wonder how much is priced into the markets. despite the fact that we're going partially over the cliff or doing the coyote/roadrunner thing in the air, i'm just not sure that we are necessarily going to see a huge move. among other things, it seems the market is tired of the political wrangling'. >> indeed. i think what is priced in is that this is priced in at a slope. it's something that's going accumulate over the year and is going to hit the gdp if it really hits over the course of the whole year, not all in january. it's not going to
inflation. >> right. >> and the fiscal cliff business is a big deal. it's a potentially big game changer. i didn't think there was a chance we would go over really until the last couple of days. now i'm thinking there could be a bungee jump where you go over for a couple days and come back. >> if you're a market timer and you believe in your bungee do you think there's going to be an opportunity? >> absolutely. because i truly believe. the good news is, is this is setting ourselves up for true entitlement and tax reform in 2013. it could be six months from now. it could be a very difficult first six months. >> you're looking for a baby deal now? >> there's probably going to have to be a baby deal, partly because of amt. you cannot retro actively fix amt. that would hit millions of people. it's a very, very big deal. very, very costly. everyone would get blamed for it. then there's another things that are part of the deal that you could wait for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll tax number going up again? >> payroll t
remember. >> a lot of sports. fiscal cliff. i don't know what to tell you. i will talk about it more right now. maybe we'll do that monday but you have to promise we'll be together. the fiscal cliff has been one of the factors holding back consumer spending this holiday season. joining us now, marshall cohen, from mtv group, chief analyst industry. you scoured all of retail to find this. he has pinstripes going. i've heard about stripe on stripes and you have stripes with the cuff links. >> it's all about a blending. >> a blending. there's stripes but it's not too busy. he ae's got the right. >> years ago he commented on my pocket square and trying to work something else. >> people very fashion forward, i want to try to copy. >> you have that tie going today. that makes a nice story. >> let me ask you. i just had someone not even concede price fixing could hurt innovation with drug prices. do you know absolutely for sure the fiscal cliff hurt retail sales? >> it actually did. it took the psychological factor into the mix. at first it didn't look like it did. consumers respond two weeks bef
right now. does that continue in 2013 even if we do see this -- some sort of resolution of the fiscal cliff and what could do to paychecks and jobs in the economy? >> the offset is that people look at the value of their houses and start feeling better. one-third of household wealth is the value of their house and if they start seeing prices stabilize and appreciatining, tt could offset some pullback in overall consumerspending. >> where will we make money then, do you think? >> my sense is emerging markets is where you're going to have a lot of growth. those markets have been depressed for a couple of years so equities in emerging markets, equities in the u.s. keep clear of yeurope for now. i think high yield debt will be interesting. within equities, if the economy starts really growing it will be momore broad based and people c move away from the more conservative investments go into more cyclical as well as smaller cap stocks. >> optimistic view on 2013 from allisison deans. always good to see you. >> thank you. >>> when we return on the "wall street journal" report, maria will be
cliff and if congress doesn't act soon the the u.s. economy could take a nosedive right off it. all this have comes as capitol hill, could a value-added tax be in the pipeline? are we slowly turning to europe. david, good to see you. and we already see us moving in terms of spending to the european model. will we move in terms of tax policy to the european model, specifically to a value-added tax like they have in most of europe? >> personally i think we should. >> on top of what we have, on top of an income tax. >> we need to cut back and what i would cut back is replacement for the medicare tax, but also, corporate tax rates should be part of the deal, too. >> what frightened milton friedman the value added tax. there's no way it would replace it, it would always be tacked on top of other tacks and look at the history and that tends to be the way we go. >> although when the europeans brought it in they did cut the other taxes. >> that didn't last long and we've seen them come up recently. >> and it's going to continue because they've got budget problems. david: now the problem tha
to avoid going over the fiscal cliff. dagen: with the president and congress on a christmas break, will they miss their year end deadline? peter barnes? peter: just got a note from one of the speaker's spokes people he said the speaker and the president have not spoken since that phone call on friday. all eyes are now on the senate when it returns on thursday to try to get a deal to avoid the fiscal cliff. this past friday before the president left for his family vacation in hawaii, he proposed a limited measure to avoid all of the cliff when speaker boehner scuttled his plan b, the president wants to extend the bush tax cuts now for the middle class and try to avoid some of these deep spending cuts on january 1st. a white house spokesperson says today that staff discussions continue between the administration and the hill. in july you may recall the senate democrats passed an extension of the middle class tax cuts if r a year at a -- for a year at a cost of 157 billion. that bill also patched the alternative minimum tax for 2012 for 92 billion, but it went nowhere after that. sen
to head back to washington and jump-start the fiscal cliff negotiations with congress. talks fell apart before christmas. the deadline now is just days away and there is no deal in sight to avoid the tax hikes and spending cuts set to go into effect january 1st. our juan williams is a fox news political analyst and he joins us today and very quickly, juan, merry christmas to you. >> merry christmas, kelly. kelly: this is daunting task facing congress to avert the so-called fiscal cliff that will set into motion more than $600 billion in drastic and draconian allic tax hikes and spending cuts. that will cause a lot of pain for all americans and does congress have enough time to act on this? >> they do. you know it will be very close and it may in fact go beyond the deadline per se although people are thinking at the moment it is possible to get something done by the end of this week. the key here, kelly, is the senate. we have been so focused on the house, speaker boehner, plan. about, plan b falling apart. now speaker boehner is pointing towards the senate and the white house is pointin
're not that confident any more. and i think something has -- this fiscal cliff has something to do about it. but people are scared in the u.s. right now. you increase their taxes, increase their savings, i'm not saying it's a bad thing for them, but it's a bad thing for the economy. >> so you're saying this has caught on now. it was a while before consumers didn't get the fiscal cliff idea. we are getting closer to the worst case scenario and you're saying it's timely caught on with main street. >> we're talking about money. money is is 00% emotional. put those two together and all of a sudden people get protective. as a result, they will begin to save and not spend. we need people to spend money. we need people to buy things .right now, the responsibility thing for the americans to do is not to do that until this gets resolved. >> ralph, you're with us for the full hour. fantastic. find us on twitter if you want to get in touch with karen or myself. up next, we speak to the man who says he can save italy's economy from mistakes which have been made across europe. >> europe has taken a stiffer route. t
pieces right now, we would like to be able to deal with the sequester part of the fiscal cliff. we've been talking just now, of course, about the tax piece. there are also these across the board cuts. we would like to find a way to buy them down. not to kick the can down the road, but to find an alternative set of deficit reduction to reduce these meat ax across the board cuts. that remains part of the conversation. >> and what happens right now? you in congress are going into session at 10:00. the senate at 11:00. if you're waiting for the senate, what do you guys do all day? is >> well, we're obviously keeping in touch with our colleagues in the senate and the white house with respect to the negotiations because, as i indicated, whatever comes out of the senate has to pass the house, and it's going to have to pass the house with democratic and republican votes. some combination of both to get a bipartisan majority. and so while the negotiations right now are, of course, happening in the senate and with the white house, the reality is that they're going to have to put together, as
monetary and fiscal reforms. we have the shanghai composite there up about a quarter percent. >>> all right. in today's top stories, the u.s. is five days away from going over the fiscal cliff. president obama is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recessi
in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that would prevent milk prices from rising. >> arthel: to other stories. a judge ordering a psychiatric evaluation for a woman suspected of shoving a man off a new york public is way platform. he was arraigned last night on murder and hate crime. she confessed to pushing a man in front of a moving train telling them, i hindus and muslims. co-worker was was behind due. >> gregg: two missing boys from georgia have been found in texas an amber alert was issued, ages nine and seven when they didn't come back from a visit from their dad on wednesday. somebody recognized the trio and caught up with
don't have that luxury right now. but perhaps it will only soften the blow of the fiscal cliff but also give us a sense of urgency about a grand bargain to repair our financial house. i am not so naive aso believe everybody is going to check their politics at the door, even at this late hour, but this is not a time for politicking, bicking or partisan games. to allow the country to plunge over the fiscal cliff without any alternative plans to soften the landings completely unacceptable. i can't think of anything more irresponsible than to let this great country go over the fiscal cliff, to play games with the lives of americans in such a callous way, to jeopardize the financial standing of our country and to alarm our financial narcotics ways that could trigger another recession. something has gone terribly wrong when the biggest threat to the american economy is the american congress. i repeat, sir, something has gone terribly wrong when the biggest threat to our american economy is our american congress. it doesn't have to be that way. i'm putting something on the i believe t
return to washington. maybe, allen, just maybe, some resolution of fiscal cliff talks about the end of the week? >> well, just maybe. the trouble is, they look pretty entrenched right now. i think for some ways for the market perspective, that's going to be what we want. but i would say we're beginning to price in the possibility. >> that it doesn't happen, yeah. continuing with the region, the south korean government is forecasting a mild recovery next year. the finance ministry has set a growth target of % for 2013. that compares to the bank's earlier projection of 3.2%. the central bank has now to continue supporting growth. both of these statements were pushing the won higher. you can see the dollar/won trazing down about 0.5% today. >>> a slowdown in the country of china is proving to be short lived. power generation and food processing firms are leading the recovery. >>> and germany's latest exports seems to be recession proof. it's a tradition dating back to the middle ages, but germany's christmas markets are more popular than ever. nbc's andy eckh artson sends this report.
or does one side want us to go off the fiscal cliff? washington insiders weigh in next. we'll be right back. with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ garth ] thor's small business earns double miles on every purchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ male announcer ] the spark business card from capital one. choose unlimited rewards with double miles or 2% cash back on every purchase, every day! what's in your wallet? [ cheers and applause ] i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. smoke? nah, i'm good. ♪ [ male announcer ] every time you say no to a cigarette, you celebrate a little win. nicoderm cq, the patch
on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a listen. >> the truth is we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate democrats put forward just because we find ourselves at the edge of the cliff. >> we do know that the house of representatives has been told that the members there should be back in town here in washington
the latest on what she's hearing on the fiscal cliff negotiations. what you got, m? >> hi there. thanks much. i've been on the phone all day with a number of house republicans and senators. and what i'm hearing is that the president's press conference made this bill a much tougher sell in the house. at this point, yes they are meeting at 5:00 p.m., that gop conference. but it's not about anything fiscal cliff related as you heard from john harwood. basically thes gop expected that even though they were reluctant to agree to any tax increases, they were going back to their constituents and saying we are agreeing to taxes going up on anyone making $450,000 or higher and they expected that the tax conversation would be done for 2012 and that they would begin going into 2013 with the conversation over spending cuts. however, that press conference where he basically said it's not going to be on the backs of seniors and we need more revenue suggested that the president is going to seek loopholes closed, exemptions closed in the tax code and possibly further tax increases for more revenue. and my s
on the fiscal cliff some time in the next four days and 14 hours. that's coming up at 11 a.m. "squawk on the street" will be right back. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ...could end with adding a close friend. the lexus december to remember sales event is on. this is the pursuit of perfection. >>> second day in a row retailers led the losers list. simon who can is here with what is coming up at 10. >> we will talk about where the markets are going to go from here, fiscal cliff, positioning for 2013 and kim co-on the program, one of the biggest owners of american malls. how are they faring as america spikes again? apple, a four-year low, they are experime experiments, carl, as you mentioned with curved glass. >> simon, looking forward to see you. >>> chicago drive mayors ring in the new year with reluctant, starting in january, they will be shelling out more for downtown parking meters than drivers in any other city across the country. the cost to park at a metered spot will rise to $6.50 a hour, double what drivers paid in 2008. so
the fiscal cliff, while many consumer can't articulate each individual item and element of the cliff, they know there's something not good going on with the economy right now. and if it's op the front line of every newspaper and it's the headline and lead story of every television show, that starts to seep into consumer psyche. that i think will play a role. >> mr. shay, that said, and you've said it, do you think that your 4% estimate for year-on-year growth was perhaps overly optimistic in view of what is unfolding on capitol hill, and evident on every front page this morning? >> simon, i don't think so. we're not ready to go there yet. mastercard's assessment of .7 this year compares to 2% last year. and our prediction of 4% this year compares to 5.5%, 5.6% a year ago. they don't measure the market the same way. they look at a much smaumer slice. they don't have online sales. i'm not sure how they get the proprietary data from the competitors. we're going to wait until we see all the numbers and make a final assessment when they come in. >> sure. but equally what you're both talki
tomorrow. >> all right, jeff berardelli, thanks so much. you know about the fiscal cliff. here comes the container cliff. long shoremen plan to go on strike. that could cost american companies about billion dollars a day. anna werner is in houston at one of the ports that could be facing a walkout. good morning. >> reporter: good morning, rebecca and jeff. yes. there are two days to go before the strike deadline. they're at an impasse. at issue is pay for those working in the ports. but if it doesn't get resolved, the consequence could be a devastated impact on the economy. as the rest of the country focuses on the gridlock in houston, many are working overtime trying to get as many shipments out as they can before it comes to a standstill. the vice president of the national retail federation says a shutdown at the docks would have a ripple effect on the global economy. >> the ports are a primary piece of the global supply chain. if they're not operating efficiently, it slows down the system and hurts everything using the system. >> reporter: negotiations between the international lo
in order to avoid going over the fiscal cliff? >> oh, yeah, i would be. you know, i think it is remarkable that right after the election we get this thing that comes right up in our faces that basically outlines in bold relief the differences in the two ideas about how we go forward in this country. it is really excellent timing, and we may have to go over the cliff, if it is forced into it. but this idea that you bring down the cost of medicare by making it available to more people is a terrible idea of mr. boehner's. the idea -- i would be terribly upset, along with many of my friends, if obama compromised too much on what needs to happen that is called the fiscal cliff. >> do you think a prominent third-party would help our country? >> i felt strongly about that when i supported john anderson in 1979. he was -- a large part of anderson's campaign was to sue the state ballot procedure into allowing third parties to have more access to the electoral process. i would like to see a third party available, but that, too, seems like a really tall order. >> what do you think is the appropriate
, on january 1st, 2013, it's going to be a massive fiscal cliff of large spending cuts and tax increases. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> grur going to extend the tax cuts you're going to have 3.8 trillion added in ten years to the $16 trillion we already owe. i mean, have a drink. >> we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the e
more than five hours to hash out this deal. latest on the fiscal cliff negotiations. little longer than that, actually. we'll explain that with the fox all-stars after this. ♪ i wish my patients could see what i see. ♪ that over time, having high cholesterol and any of these risk factors can put them at increased risk for plaque buildup inheir arteries. so it's even more important to lower their cholesterol, and that's why, when diet and exercise alonaren't enough, i prescribe crestor. in a clinical trial versus lipitor, crestor got more high-risk patients' bad cholesterol to a goal of under 100. [ female announcer ] crestor is not right for everyone. like people with liver disease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines yore taking. ll your doctoright away if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rare but serious side effects. ♪ is your cholesterol at goal? talk to youdoctor about crestor. [ femalanno
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